30 Aug 2013
USD/JPY holds on to 98.00 zone
FXstreet.com (Chicago) - USD/JPY extended choppy trading and accumulated 0.20% daily losses for the day. Despite losing 52 pips this week, the pair maintained gains for the month.
Risk aversion behavior throughout the week
Price action reveals a steep retracement from 99.00 zone (August 23rd highs) after Syrian concerns eased off among market participants and heavy selloff diminished. After reaching 96.81 3-week lows (August 28th lows), the pair started to climb steadily and reached 98.40 (August 29th highs, 61.8% Fibonacci level). Holding on to 98.00 zone, the pair trades at 98.15 between supports at 98.11 (August 19th highs), 97.85 (August16th highs) followed by 97.57 (August 27th highs) and resistances at 98.40 (August 23rd lows), 98.73 (August 26th highs) ahead of 99.14 (August 24th highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis despite navigating below the EMA20.
Risk aversion behavior throughout the week
Price action reveals a steep retracement from 99.00 zone (August 23rd highs) after Syrian concerns eased off among market participants and heavy selloff diminished. After reaching 96.81 3-week lows (August 28th lows), the pair started to climb steadily and reached 98.40 (August 29th highs, 61.8% Fibonacci level). Holding on to 98.00 zone, the pair trades at 98.15 between supports at 98.11 (August 19th highs), 97.85 (August16th highs) followed by 97.57 (August 27th highs) and resistances at 98.40 (August 23rd lows), 98.73 (August 26th highs) ahead of 99.14 (August 24th highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis despite navigating below the EMA20.